Funding arb · Price arb /

IMX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h −0.040%

Price spread now: Bybit against Injective−2.627%108s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 2.627% cheaper against Injective than usual: you would sell low and buy high (spread −2.627% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$263 on $10k: about 4 months of funding at the current rate (+$2 a day). The two prices were read 108 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective IMX/USDC PERP	0.1515	0.0033	pay 0.0004% / 1h	39m 30s	$559	$28K	5.5x
Short	Bybit IMXUSDT	0.1475	0.0100	get 0.0050% / 4h	2h 39m	$3.8M	$2.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee BybitbpOrdersPrice spread, now −2.627%Rate

Funding earned: $14
Price spread: −2.627% → 0.000%: −$262.71
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$259.73
Costs to cover: 0.110%
Break-even: 136.9 days

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	3.38 bp	20.1 bp −$20	57.8 bp −$578	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

IMX on 15 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IMX	−0.0181%	4h	0.1479	−2.392%	$93K	$131K	—	as long as short
gTrade (Gains Network) IMX/USD	L +0.0001% / S +0.0004%	1h	0.1478	−2.442%	$2K	—	150x	as long as short
dYdX IMX-USD	+0.0020%	1h	0.1479	−2.391%	$26K	$4K	5x	as long as short
Injective IMX/USDC PERPlong	+0.0033%	1h	0.1515	long leg	$559	$28K	5.5x
Hyperliquid IMX	+0.0100%	1h	0.1481	−2.218%	$3.4M	$323K	5x	as long as short
Binance IMXUSDT	+0.0100%	4h	0.1477	−2.525%	$3.5M	$5.8M	75x	as long as short
Bybit IMXUSDTshort	+0.0100%	4h	0.1475	−2.627%	$3.8M	$2.2M	75x
OKX IMX-USDT-SWAP	+0.0100%	4h	0.1476	−2.561%	$924K	$1.5M	20x	as long as short
Gate IMX_USDT	+0.0100%	4h	0.1476	−2.574%	$631K	$76K	50x	as long as short
MEXC IMX_USDT	+0.0100%	4h	0.1476	−2.574%	$2.5M	$589K	125x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin IMXUSDTM	+0.0100%	4h	0.1477	−2.508%	$372K	$165K	50x	as long as short
Bitget IMXUSDT	+0.0100%	4h	0.1478	−2.442%	$1.3M	$408K	75x	as long as short
BingX IMX-USDT	+0.0100%	4h	0.1477	−2.508%	—	$2.9M	—	as long as short
BloFin IMX-USDT	+0.0340%	4h	0.1480	−2.310%	$183K	$123K	75x	as long as short
Kraken Futures PF_IMXUSD	+0.2063%	1h	0.1483	−2.120%	$113K	$10K	20x	as long as short